Senate Urges 10% Budget Allocation to Agriculture for Economic Boost

In a recent joint budget defense session held in Abuja, the Nigerian Senate, as reported by Infostride News, called upon the executive branch to allocate a minimum of 10% of the total annual budget revenue to agricultural production. The plea was made by Senator Salihu Mustapha, the Chairman of the Senate Committee on Agriculture Production, Services, and Rural Development, who expressed deep concern about the challenges facing the agricultural sector.

Senator Mustapha underscored the sector’s significant contribution, exceeding 20% to the nation’s GDP from the non-oil sector despite the myriad obstacles it faces. He lamented the shortfall in budget allocation, emphasizing that the commitment to allocate 10%, as outlined in the Maputo Declaration, is not being met.

In his statement, Senator Mustapha asserted, “The agricultural sector has the largest potential to lead millions of Nigerians out of poverty and provide the much-needed food security. It is, therefore, imperative that the sector should be given the utmost priority in national economic policies and future budgets.”

He called upon the executive branch to demonstrate the political will to allocate a minimum of 10% of the national budgets and revenues to the agriculture sector. This plea aligns with the vision of leveraging the agricultural sector as a powerful tool for poverty alleviation and ensuring food security for the nation.

Adding to the discourse, Senator Abubakar Ky

ari, the Minister of Agriculture and Food Security, echoed the concerns raised by Senator Mustapha. Senator Kyari highlighted the inadequacy of budgetary allocations for crucial projects and programs aimed at boosting national agricultural production. Notably, he pointed out that less than 2% of the national budget is currently allocated to agriculture, falling significantly short of the agreed-upon 10% outlined in the Maputo Declaration by Africa Heads of State.

Moreover, Senator Kyari drew attention to the challenges faced by the Ministry of Agriculture and Food Security due to insufficient overhead costs allocation, hindering the ministry’s operational capabilities. He emphasized the need for adequate financial support to implement essential initiatives and foster sustainable growth in the agricultural sector.

The minister also underscored the adverse effects of climate change and unprecedented flooding in various parts of the country, which have significantly disrupted agricultural activities in many agrarian communities. These challenges pose a threat to the nation’s food security and require urgent attention and strategic interventions to mitigate their impact.

Providing a context to the current situation, Infostride News highlighted that in the 2024 budget, the federal government allocated N362.94 billion to the Ministry of Agriculture and Food Security out of the N27.5 trillion total budget expenditure for the year. This allocation raises concerns, particularly in the face of Nigeria’s ongoing battle with a food security crisis, with food inflation reaching 31.5%, according to the latest figures from the National Bureau of Statistics (NBS).

As Infostride News continues to report on the evolving dynamics in Nigeria’s agricultural landscape, the call from the Nigerian Senate for a more substantial budget allocation to the agricultural sector resonates as a critical step toward addressing the challenges and unlocking the sector’s potential for economic growth and poverty reduction.